601. Adjustments to be made where the Board assumes responsibility for a scheme.

The following provisions1 apply where the Board of the Pension Protection Fund2 assumes responsibility3 for an eligible scheme4. Any benefits (other than money purchase benefits5) which: (1) were payable under the scheme rules to any member6, or to any person in respect of any member, during the period beginning with the assessment date7 and ending with the receipt by the trustees or managers8 of the transfer notice9; and (2) have been paid before the trustees or managers receive the transfer notice, are to be regarded as going towards discharging any liability of the Board to pay compensation to the